Executive Summary
Cazenove Absolute Equity Limited is a closed-ended investment company. The investment objective of the company is to seek to achieve consistent absolute returns. The company will seek to achieve its investment objective through a policy of investing in a portfolio of long/short equity funds, the underlying funds, and will seek to achieve consistent returns with low levels of volatility. Following launch, it is intended that the company will invest in three initial underlying funds, each managed by Cazenove Capital Management Limited (the \Investment Manager\). The initial underlying funds represent three separate equity long/short strategies, with the flexibility to exploit a wide range of equity long/short investment opportunities and are: - Cazenove European Equity Absolute Return Fund Limited - Cazenove UK Dynamic Absolute Return Fund Limited - Cazenove UK Equity Absolute Return Fund Limited. The Investment Manager considers that Cazenove European Equity Absolute Return Fund Limited and Cazenove UK Equity Absolute Return Fund Limited represent strategies that are largely uncorrelated with the direction of the underlying equity market, whilst Cazenove UK Dynamic Absolute Return Fund Limited represents an alpha enhancing and more directional strategy. It is proposed that Cazenove European Equity Absolute Return Fund Limited and Cazenove UK Equity Absolute Return Fund Limited will each represent 35 per cent. of the initial portfolio of investments, whilst Cazenove UK Dynamic Absolute Return Fund Limited will represent 30 per cent.
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